Athabasca Minerals Announces Q1 2020 Financial Results

EDMONTON, Alberta, May 22, 2020 (GLOBE NEWSWIRE) — Athabasca Minerals Inc. (“AMI” or the “Corporation”) (TSXV:AMI) announces its financial results for the first quarter ended March 31, 2020. The Corporation’s financial statements and management’s discussion and analysis (“MD&A”) are available on SEDAR at www.sedar.com and on the Athabasca Minerals Inc. website at www.athabascaminerals.com.Robert Beekhuizen, Chief Executive Officer, states: “In 2020, we continue to advance our corporate strategies with steady progress in transforming, diversifying, and creating value across the Corporation’s businesses. Our base division, AMI Aggregates, has been strengthened with the Coffey Lake Pit opening ahead of schedule and from early revenue generation in Q1-2020. It has also expanded geographically with its 50% joint-venture interest in the Buckhorn Quarry Project located 90 minutes from the Greater Toronto Area, where regulatory and permitting processes are underway. AMI RockChain continues to experience ongoing and growing demand based on a large number of project bids in Q1-2020 where the RockChainTM platform and associated algorithm are being used extensively to optimize supply and delivery of aggregates. We also continue to make good progress with AMI Silica’s Duvernay Silica Sand Project. We continue to collaborate with our pending partner to update front-end engineering and development (FEED) in relation to project requirements, synergies and joint interest.”“In the midst of the COVID-19 pandemic and resulting economic downturn, AMI has responded with ‘safety-first’ mindset and protocols. We have also proactively adapted to and adjusted for fluctuations in business rhythm in the construction and energy markets with a series of measures proactively taken to reduce and optimize payroll by approximately 30% at all levels of the company, including the Board of Directors. We are focused on preserving our cash position throughout 2020 to sustain progress in advancing our strategic initiatives and corporate objectives.”Resource News, Oil and Gas News, Mining News, Renewable News